“Let’s Change the World”: Lessons from Mission-Driven Banking

By Brenna Atnikov

Before its closure in 2010, ShoreBank Corporation was the United States’ leading social enterprise. A certified Community Development Financial Institution (CDFI), ShoreBank envisioned a different approach to address the twin problems of access to capital and urban decay. The goal was to make money more easily available in marginalized, inner-city neighbourhoods so that folks could buy a home, build a business or develop a community. Investments were thoughtfully considered from a holistic perspective, and guided by an ethos that moderate financial returns should be paired with strong social returns.

So why did the bank succumb to the continued financial crisis in the United States?

More importantly, what can we learn from ShoreBank’s legacy? How can we apply that learning here at home?

Calgary’s East Village is being transformed. What was once a neglected inner-city neighbourhood is becoming a hub for creativity, recreation and community. RiverWalk officially opened on the August long weekend, is central to the revitalized look of the East Village and means a better quality of life for all Calgarians.

A meaningful job that pays a living wage, helps the environment and strengthens the economy? That’s a green collar job. Thrive and its partners launched the Green Collar Jobs initiative with the release of the report Green Collar Jobs: New Workforce Development Opportunities for Alberta. The report provides a strong foundation from which to stimulate a green economy in our city.

Passionate about supporting a sustainable local economy, REAP and its partners host a monthly webinar series called Community Capital Networks. If you are interested in unleashing the flow of capital to support a greener local economy, join the conversation to learn about promising practices across North America and to discuss how to bring them to Calgary.

With the launch of Enterprising Non-Profits Alberta, Calgarians can expect to shop from more and more socially conscious businesses. ENP-AB is providing grants and technical assistance to non-profit organizations engaged in social enterprise, the kind that brings both financial and social returns.